Top Accounting Software for SaaS Businesses in India (Updated 2024 List)

In the dynamic world of SaaS businesses, managing finances efficiently is crucial to success. Traditional accounting methods often fall short in meeting the fast-paced and ever-evolving needs of SaaS companies. This is where SaaS accounting software comes into play, providing robust solutions that are flexible, scalable, and accessible from anywhere with an internet connection. 

In this blog, we explore the top accounting software options for SaaS businesses in India, including Refrens, Zoho, and Odoo. These tools offer features like real-time collaboration, AI-powered insights, and advanced tax compliance, helping businesses streamline their financial operations and maintain a competitive edge. 

Read on to discover which software can be the perfect fit for your business needs and help you achieve financial success.

Accounting Software	Starting Price	Trial Period	Free version
Refrens	₹3900/year	Yes	Yes
Zoho	₹8988/year	Yes	Yes
Odoo	₹6960/year	Yes	Yes

Key Accounting Features That Supercharge Your SaaS Business

• Real-Time Collaboration: It allows the entire team can access and work on financial data simultaneously from different locations, staying updated in real-time and planning according to the current scenario.
• Automation: Handles automated invoicing, payment reminders, and recurring transactions, ensuring timely billing, improved cash flow, and consistency with minimal manual input.
• Invoice API: Enables easy connection to other systems for streamlined invoice management.
• AI-Powered Insights:  Leverages AI for predictive analytics, financial forecasting, and detecting anomalies.
• Customizable Workflows: This enables businesses to customize workflows to fit their unique processes, improving efficiency and flexibility.
• Built-In Multi-Currency Support: Automatically handles transactions in multiple currencies, perfect for companies operating globally.
• Advanced Tax Compliance: Offers comprehensive tax management tools, including automatic tax calculations, e-filing, and support for multiple jurisdictions.
• Custom Reports: Offers customizable reports, enabling you to concentrate on the most crucial financial metrics.
• Third-Party Integration: Supports seamless integration with various third-party applications, enhancing functionality and streamlining processes.

Best-in-Class Accounting Software for Scaling Your SaaS Business

1. Refrens 

Refrens GST Accounting Software is tailored for SaaS business leaders, providing a complete suite of tools to streamline your financial operations. It offers customizable invoicing, automated accounting processes, and detailed financial reporting for SaaS businesses. Easily integrate with essential tools and platforms like WhatsApp and Facebook, and connect seamlessly via Invoice API for a smooth operations. Refrens ensures full GST compliance, allowing you to focus on scaling your SaaS business.

Features:

• Invoice Creation: Generate both GST and non-GST invoices instantly.
• Automated Payment Reminders: Automatically send payment reminders via WhatsApp and email to ensure timely payments.
• E-Invoicing creation: Create and send e-invoices.
• Invoice API : Instantly generate online invoices using the Refrens invoice API.
• Auto-Assistant: Pre-fill 80% of document details using past entries, minimizing manual work and boosting accuracy.
• Multi-Currency Invoices: Create and track invoices in different currencies, simplifying international business operations.
• Recurring Invoices: Generate recurring invoices for projects, reducing manual effort.
• Detailed Reports: Generate in-depth reports, enabling you to thoroughly analyze complex financial metrics.
• Third-Party Integration: Easily sync with essential tools and platforms such as WhatsApp, Facebook, and more.
• Audit Trails: Monitor document modifications, noting who made changes and the timing of these edits.

Pricing:

• Basic Plan: Up to 50 documents per year at no additional cost.
• Book Essential: ₹3900/year
• Books GST: ₹7500/year
• Books Pro: ₹8500/year

Rating:

• Capterra: 4.9⭐/5
• G2: 4.6⭐/5
• Software Advice: 4.8⭐/5
• Get App: 4.8⭐/5

2. Zoho 

Zoho Accounting Software offers a powerful suite of tools to streamline business financial management, including receivable accounting software.

The subscription model is affordable, and automatic updates guarantee you always have the newest features and security. With real-time teamwork, smooth integrations, and sophisticated reporting, Zoho simplifies managing finances, making it precise, efficient, and secure in a scalable cloud setup.

Features:

• Optimize Receivables: Simplify invoice creation, monitor payments, and handle pending balances to maintain steady cash flow.
• Automated GST Management: Instantly apply GST rates, create GST invoices, and submit GST returns directly through Zoho Books.
• Detailed Reporting: Create over 70 tailored reports to understand your business performance.
• Integrated Cooperation: Promote team collaboration and client interaction with specialized portals and live data sharing.
• Advanced Financial Management: Effortlessly handle account charts, ledger entries, and currency adjustments.
• Automate Tasks: Use recurring transactions and set up custom workflows to streamline accounting processes.
• International Transaction Management: Facilitate international transactions, ensuring smooth and efficient handling of cross-border financial activities.
• Effortless Connectivity: Link with payment gateways, external applications, Zoho products, and partner banks to boost efficiency.

Pricing:

• Free Plan: With limited functionality, suitable for small businesses.
• Standard Plan: ₹8988/year
• Professional Plan: ₹17,988/year
• Premium Plan: ₹35,988/year
• Elite Plan: ₹59,988/year
• Ultimate Plan: ₹95,988/year

Rating:

• Capterra: 4.3⭐/5
• G2: 4.4⭐/5
• Software Advice: 4.4⭐/5
• Get App: 4.4⭐/5

User Reviews:

3. Odoo

Odoo Accounting revolutionizes financial management with its cloud-based platform. This platform provides immediate access, automated processes powered by AI, and efficient bank matching. It’s fully compatible with the Odoo suite, facilitating smooth integration throughout business functions.

Additionally, known as one of the leading inventory invoice software streamlines the management of invoices related to inventory, enhancing overall efficiency. Free with unlimited users, Odoo Accounting provides a cost-effective, scalable, and efficient solution for global financial operations in a secure environment.

Features:

• Billing and Payments: Personalize invoice templates, auto-generate drafts from sales orders, and easily issue credit notes and refunds.
• Smart AI Matching: Automatically matches 95% of transactions with financial records.
• Streamline Payments: Facilitate online transactions, offer a client portal, automate payment reminders, and add QR codes for easy mobile payments.
• Easy Reconciliation: Use smart tools for automatic reconciliation suggestions and manage outstanding payments directly from invoices.
• Advanced Financial Analysis: Automatically organize accounts, create instant distributions, and handle various plans and budgets effortlessly.
• Assets, Revenue, and Expense Management: Monitor assets and their depreciation, streamline deferred revenue and expense processes, and modify journal entries over different periods using expense management software.
• Integration: Seamlessly connect external applications using Odoo’s API, handle bulk data with import-export tools, and integrate with sales, inventory, purchase, and eCommerce modules.

Pricing:

• Free Plan: Free (Essential apps with unlimited users)
• Standard: ₹6,960 per user/year 
• Custom Plan: ₹10,680 per user/year (Variable) 

Ratings:

• Capterra: 4.1⭐/5
• G2: 4.2⭐/5
• Software Advice: 4⭐/5
• Get App: 4.1⭐/5

User Reviews:

Why SaaS Accounting Software is a Game-Changer for Your Business

• Improved Teamwork with Live Editing: Enables several users to simultaneously modify and refresh financial data, ensuring everyone is up-to-date and enhancing collaboration.
• Predictive Analytics and Insights: Utilizes advanced AI and machine learning algorithms to provide predictive insights and financial forecasting, helping businesses make data-driven decisions.
• Automation: Minimizes mistakes and conserves time by streamlining recurring processes like billing, and payment notifications.
• Multi-Currency Management: Automatically handles transactions and reporting across multiple currencies for global businesses by integrating an international payment gateway.
• Adaptable Personalization: Enables businesses to customize workflows, reports, and dashboards to fit their unique needs.
• Comprehensive Audit Trails: Tracks all system changes and transactions, improving transparency and making audits easier.

Choosing the Right Software

• Customization: Seek software that lets you tailor workflows, dashboards, and reports to suit your specific requirements.
• Smart Technology: Look for software that uses AI for advanced analytics, spotting irregularities, and smart financial predictions.
• International and Currency Flexibility: Guarantee the system manages transactions in multiple currencies and adheres to worldwide accounting standards.
• Audit Preparedness: Opt for software that offers detailed audit logs, ensuring transparency and simplifying the business security audit process.

Conclusion

Choosing the right accounting software is a vital step for SaaS businesses aiming to streamline their financial processes and stay ahead in a competitive market. Refrens, Zoho, and Odoo each offer unique features tailored to meet various business requirements, from real-time collaboration and AI-powered analytics to advanced tax compliance and multi-currency management. 

By leveraging these powerful tools, businesses can enhance teamwork, gain valuable insights, and ensure compliance with financial regulations. Embracing SaaS accounting software not only simplifies financial management but also supports business growth and efficiency. 

Equip your SaaS business with the right accounting and invoicing software to unlock your potential for financial excellence and sustained success.

Now that you have explored the best alternatives to Tally accounting software, you can check out our detailed guide on other open source accounting software.